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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. What is the initial bet that Gutfreund proposes to Meriwether for Liar's Poker?
(a) A year's pay.
(b) Forty thousand dollars.
(c) A million dollars.
(d) One dollar.

2. The author characterizes the people initially involved in home mortgages as ______.
(a) Shoe salesmen.
(b) Burger flippers.
(c) Sheep ranchers.
(d) Corn farmers.

3. Who is chairman of the Federal Reserve in 1979?
(a) Alan Greenspan.
(b) Paul Volcker.
(c) Arthur F. Burns.
(d) Ben Bernanke.

4. Jim Massey is a member of Salomon Brothers executive committee in charge of sales and presides over _____, which directly affects the future of all trainees.
(a) The job placement blackboard.
(b) Testing sites.
(c) Paper evaluations.
(d) The break room surveillance cameras.

5. A challenge in Liar's Poker is like saying _______.
(a) "You're an idiot."
(b) "I doubt it."
(c) "I'll take the gamble."
(d) "You're a con artist."

6. Massey is not looking for curious minds among trainees, he is looking for _____.
(a) Bulls.
(b) Cult followers.
(c) Obsequious coffee-getters.
(d) Cookie-cutter versions of himself.

7. What is the nickname for the Government National Mortgage Association?
(a) Johnny Mac.
(b) Fanny Mae.
(c) Freddie Mac.
(d) Ginnie Mae.

8. According to Lewis, the better an analyst gets at his job, the nearer he seems to ______.
(a) God.
(b) His dreams.
(c) Greatness.
(d) Death.

9. What is the name stockbrokers give to the day in 1976 when fixed stock brokerage commissions ended?
(a) A green Christmas.
(b) Blue Monday.
(c) Black Friday.
(d) Mayday.

10. What is the name of the trainee who was a former U.S. Navy fighter pilot?
(a) Susan James.
(b) Mike Lewis.
(c) Joe Friedman.
(d) Max Johnson.

11. Lewis sees John Meriwether as successful because he has the uncanny ability to do what?
(a) Hide his state of mind.
(b) Hide money.
(c) Time his trades.
(d) Avoid bad press.

12. Where was the author born and raised?
(a) London.
(b) Boston.
(c) The Deep South.
(d) New York.

13. When Matty Olivia leaves Salomon Brothers in a huff for the joke the mortgage guys play on him, the author attributes his return to the notion that he is bound by _____.
(a) Contract.
(b) Golden handcuffs.
(c) Unwritten loyalty.
(d) Family obligation.

14. In the bond market, unlike the stock market, ______ are not openly stated.
(a) Taxes.
(b) Commissions.
(c) Share quantities.
(d) Interest rates.

15. Lewis observes that the cruelty that traders bestow on everyone in their wake is _____.
(a) Permanent.
(b) Ceremonial.
(c) Personal.
(d) Illegal.

Short Answer Questions

1. Bob Dall and Stephen Joseph create the first _____ of mortgage securities.

2. Which subway line drops off hoards of people to their Wall Street jobs?

3. In any market, as in any poker game, there is a ______.

4. The code of Liar's Poker is something like the code of the ______.

5. The Japanese in the training program are considered _____.

(see the answer keys)

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